eco final exam fall 2004

eco final exam fall 2004 - Eco 1 Principles of Economics...

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Eco 1: Principles of Economics Final Exam Fall 2004 Name:_______________________________________ Section: (Or day and time of recitation):______________________ 1. Several answers to a multiple-choice question may appear to be partially "correct," you must select the best answer. 2. Do your own work. Copying someone else's answer will lead to a zero on this exam and, possibly, an F in the course. 3. You have three hours to complete this exam. 4. No calculators are allowed. 5. The correct answer is As You Like It. 6. Please mark your answers on the answer sheet. Also, please make sure that your name and ID number are legibly entered onto your answer sheet. 7. Write the color of your exam (e.g. while, yellow or blue) on the upper right-hand corner of the answer sheet. 8. Good luck! And have a good holiday!
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Eco 1: Principles of Economics Final Exam Fall 2004 Name:_________________________________________ Section: (Or day and time of recitation):____________ 1. Werthers candy tends to have an elastic demand because a. the candy market is too broadly defined. b. there are many close substitutes for Werthers. c. Werthers are considered by some to be a necessity. d. it is usually eaten quickly and therefore the time horizon is short. 2. The equilibrium of supply and demand in a market 3. The principle of monetary neutrality implies that an increase in the money supply will in the long-run 4. A short period of falling incomes and rising unemployment is called a 5. Both theory and history point to a close relationship between increases in a. labor demand and increases in labor supply. b. labor demand and decreases in real wages. c. the productivity of labor and increases in real wages. d. interest rates and decreases in real wages. 6. When a good is excludable it means that
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